void at the top. right now time for stocks heading to new york stock exchange where nicole petallides is watching what is happening. now negative again, what is going on? nicole: tha that is a back-and-h action we have been seeing as of late. the market has been trending to the upside these last few days have challenged that. right now the dow down 35 points, to be down for the fourth day in a row. we have not seen that for some time. down a quarter of 1%, so is the s&p 500 and the nasdaq composite. we got some adp data for private sectors, that was good news. also our home numbers so new home sales did bp estimates, that was good news for the month of october when we saw a big jump, the obvious initiative

helped the group overall. it was the biggest jump we had seen increase in over 33 years, however you are seeing pulling back. kb homes within a barrel. people buy between now and spring because that is the hot season. adam: nicole petallides, thank you very much. wall street's fear gauge is still gaining ground. in the pits of the cme. a whole lot to talk about. on track trifold largest streakf gains since last year. phil: you consider a market that had no fear. stocks are going up, the vexed at a low level. all changing, up almost 18% in those last six days and i can see why. the party in the stock market has been going on for quite some

time. we had to face important job numbers this weekend as well as a strong possibility the fed is going to lay the groundwork for tapering before ben bernanke leaves office. might as well give ben bernanke all the heat so janet yellen doesn't have to take it. they have a right to fear. it impacted precious metals. iif you are not afraid of anything, buy stocks, why buy precious metals. notice or deceit if you're in its go up, money was back for the first time in about four days. gold up $26, a big move up on silver up $0.72.5, and that kind of double bottom for gold and silver, they bounced. the one market everybody is afraid to his the gas pump and the price of oil. a spectacular move today. it is a market pushing toward $90 per barrel a few days ago, now pushing back toward idx dollars per barrel.

the big reason is demand in inventories. a big draw down of over 5.58 million barrels, almost 2 million barrels more than i thought they were going to get. if you step back and look at it, the main reason as refiners are coming back online, that means more product for the other reason is down in the gulf coast. last week the houston shipping channel, they cannot see where they are going, the biggest petrochemical area in the country moving the ships. it got shut down. a lot of times they will say forget about it, it will go away but it is shut down again today. adam: thank you very much. lori: investors concerned about fed tapering, treasury yields on the rise. the yield on the 10-year bond edging up, and it is really

touching the highest levels since september earlier in the session. just shy of 4%, strategist looking ahead to friday monthly job report saint is a key factor for the upcoming fed meeting. lot of alice are saying benchmark 33% market perhaps by the end of the year. adam: some of the world's largest banks got hit with fines from european regular readers. institutions paying more than $2 billion in fines for rigging key benchmark rates including leiber. shares of those banks are mixed on a big findings and all that news. lori: jcpenney slumping down 3% announcing same-store sales jumped 10% from a year ago. sounds good on the surface but last year's sales were so bad

that analysts thought the jump would be even bigger. so despite today's slide, jcpenney shares up more than 21% in the past month. credit agencies watching a bill the governor of illinois could sign today overhauling the public employee pension system. jeff flock with the latest. jeff: it could improve the rating. there's a caveat on that. just like michigan which has a constitutional provision which says you can't diminish pensions, we talk about that yesterday with the court in bankruptcy overruled that. in illinois who don't have bankruptcy and still constitutional provision. this is the illinois constitution, article 13 section five, and it says membership in any pension or retirement system of the state as well as governments should be an enforceable contractual

relationship the benefits of which should not be diminished or impaired. some would argue in fact this deal impairs or diminishes pension. that is something lawyers can make a whole lot of mind to figure out down the road. in terms of credit ratings, illinois has the worst credit rating in the nation trumping california. take a look at the big losers on that one. based on an a- with negative outlook. california is an a with a negative outlook. new jersey and michigan double-a minus but positive. that is where they all stand right now. the folks at moody's as well as standard enforcing positive development. take a look at a quote from an analyst at moody's saying our immediate reaction is it appears the state has done something pretty significant on pension reform.

pretty significant, but will the court uphold it? i have cut back the cost of living adjustments, tried to cap the high dollar pensions. a good attack at reform, will the court uphold that? others hope maybe so. adam: you have to do your homework if you are a muni investor. adam: detroit one step closer to going through bankruptcy. are there lessons to be learned from other cities that face a similar fate? it has been a year since rhode island emerged from bankruptcy. the state allowed bondholders to be elevated to a privileged status over pensioners. our next guest at the bargaining table. lead counsel for the central falls, rhode island receiver.

the bottom line is what happened in central falls is it is a different deal that would happen with michigan. at the end of the day the pensioners in central falls took a 55% cut. did they negotiate that, or was that more because they wouldn't negotiate this is what the receiver decided was going to happen? >> it was not a 55% cut for all committed up to 55%. adam: it was those youngest sitting the cut. >> unlike in detroit where there was a court ruling on whether or not retiree pensions could be cut, ours was done through negotiation. early in the case when the case was filed we immediately went into negotiations with the retirees. the retirees had very good counsel understood the court

would rule as the detroit court ruled here. and as a result we negotiated an agreement under which they took cuts up to 55% accept what we did in rhode island was we went to the state and got an appropriation so that the first five years a transition of no cut greater than 25%. adam: the word reprehensible has been thrown about. to ask pensioners a patent with system with promises made to them take a cut when bondholders did not take a cut. there was legislature that made that decision. why did they structur structuray processing island in such a way that the pensioners got less of a status than the lenders? >> the concern here was rhode island had several

municipalities that are distressed. the concern was if the bonds were not paid in full, the bond ratings would drop and it would become extremely difficult for the other cities in rhode island to access the capital market. that could lead to the failures of not just central falls, but was made that we needed to fix the problem in rhode island. to prevent contagion. adam: let me ask you going forward for this appellate is watching, you always come back to central falls because that was such a dramatic outcome. what is the lesson, some may say warning for municipal governments and communities that are facing may be distressed or are in distress. >> deal with the problem now, fix the problem, don't kick the can down the road.

the more you kick the can down the road, the worse the cuts will be. i want to make clear in rhode island without making these cuts was awful. we understood how painful this is going to be for the retirees, but we needed to fix the problem and it was the only way we could do so. adam: has it been challenged in court, we have to go back on this? >> no challenges to it. in fact everything was done consensually. almost a unanimous vote in favor of the plan and no legal challenge to the lien statute which elevated the bondholders. adam: any thought to what happened to detroit? >> i don't know enough about detroit to make those comparisons, but it appears here that detroit is trying to fix the problem.

it is a painful process. it is awful and unfair to the retirees, but these problems have to be fixed and it looks like that is what kevin or is attempting to do. lori: it is so great to hear the stories. in the meantime, you know his name, duncan nader hour. he has exclusive scoop on the nyse ceo big board size payout. adam: and vizcaino fires regulators demanding new information from the automaker. lori: we're back on the floor with stocks. [ male announcer ] here's a question for you.

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adam: backs the floor of the new york stock exchange and nicole petallides. look at one company which is expanding its buyback program. nicole: looking at deere. stay with a group of traders when quickly the news crossed

10:24 a.m. this is a nice today chart, you can see this morning where you get the big pop. it's been a buyback program by $8 billion on talks of the program to have underway as well as announcing a courtly dividend. is your stock reacted right now of 2.8%, 85034 deere and company. lori: sticking with market major averages struggle to stay positive. our next guest says don't get fancy with your investment choices. boring as stable companies are the way to go. jason, thank you so much for hustling to get here today for us, great to have you. first your take on this little downturn we are experiencing here, healthy consolidation or real inflection? >> if you think you know what is

going on, we have an up 30% year to date. they were rightfully allocated thinking let's take a little bit of profits off the table because if you have 60-40 portfolio, perhaps you're playing back a little bit. on the flipside a lot of investors short of that mark and valuations 17 times normalized earnings, cheaper than that oversees are not particularly egregious. when you compare it to turn to is a fixed income, equities are still a place to be broadly for your portfolio but perhaps he can be a little bit more intelligent about their investments and from that perspective we think the appropriate approach is to stay with consistent growers, reasonable valuation paying healthy but not overly large dividend. adam: you sent along some stock picks if it into our criteria? >> each of these has the general characteristics. profit margins in the 10 to 20%

sort of ballpark. return equities that are large enough they can turn around and take all the cash flow from the business and put that back in the number of different things either dividend payouts, two to 3% dividend growing over time. stock buyback reinvesting to drive long-term growth. each of them can do this consistently, applying the process over time, growing the base out on earnings, growing toward higher valuations without having to stretch on the side or payout astronomical dividend yield that isn't supported by the fundamentals. lori: are they benefiting some of the housing data are trending down, five consecutive month downtrend, does that help a company like home depot and lowe's in this market? >> each of them have a number of

tailwind behind them. as to all companies have a tailwind of employment still being relatively loose, driving the margins a little bit higher than general. home depot in particular from a rebound in housing, a focus on home improvement by homeowners and the general economic environment that is positive and not negative. one that people are taking direct earnings and filing it back into their homes. lori: again, already. hard to take a breath from the last one. this is the biggest risk in the new year? >> for the next year we see the federal reserve action be important, but the bigger risk that we're worried about the most got the base case scenario as far as concerned or what we think will happen but definitely a risk that his outfit's upcoming debate. feels like round five or six of

the same thing coming around again. whatever the politicians put in place an artificial deadline like this, yet again you have the risk of making an artificial mistake. because of the way the politics work is always a risk of that occurring. lori: thank you, serbia to adam: the government digging deeper into the model s tesla fires. they are asking tesla for its record of consumer complaints, property damage claims and other details as part of its investigation into two separate fires since october. regulators have requested information on design modifications to those cars along with the engineers drawings. tesla has until january 14 to comply. shares down more than 4% today. lori: more like a economist, less like time. more on the revival of "newsweek" as it returns to

print. adam: uprising in ukraine. the financial situation as russian banks are left exposed. haven't we seen this before? the protest in key have and what they are fighting for next. every day we're working to be an even better company - and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger.

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>> at 24 minutes past the hour, this is your fox news minute. the head of the federal railroad administration blasting metro-north railroad following sunday's derailment that killed four people and injured more than 60 others. joseph this is a administration and u.s. constitution department havhas serious concerns about te accident in new york and three others that occurred in new york and connecticut earlier this year. says immediate corrective action is imperative. vice president joe biden says the u.s. is deeply concerned about a dispute between china and japan over chain of uninhabited islands in the east china sea. the vice president commenting at the meeting with chinese leaders in beijing. accusing the u.s. of taking japan's side in the matter. and he may become a world series champion as a member of the

red sox. jacoby elsbury will be patrolling the also in pinstripes. he has reached a seven-year contract worth $153 million to play for the yankees. those are your news headlines on the fox business network. get you back now to lori and adam. lori: chump change. always a pleasure to see you. news alert for you and a story we are following this week, protesters continue to rally ukraine taking the streets over the president's refusal just days at the canadian government turned down the eu offer in favor of closer ties with russia. russian banks right about the economic stability of the country. russian banks hold 12% or $28 billion in premium debt making the largest investor as the central bank is low on reserves and urging citizens not

to pull their money. having to stop a run on the banks. adam: we have been in the business of making money. talking mutual funds. talking but the lazy man's way. charles: i'm not a mutual funds fan, but we have had rotation out of bonds into stocks. people are coming back, a lot of people do it still through mutual funds. i was doing some portfolio reviews for some new subscribers and i have an authentic portfolio review i did for a client, and out of the 50 stocks, he had 27 stocks. in other words look at this fund right here. while it is supposed to mimic the s&p 500, evident fund, and value fund, a large cap fund.

all five of them had microsoft, johnson & johnson, four of them had wells fargo and pfizer. the point is, this person is thinking he is diversified. this happens so much. they have these big valley famif mutual funds and all these different names and new america fund and mount everest fund. they all have the same stocks. lori: seriously, the stock market is on a tear. so how does that the question to ask this climate where investors are managers charging higher fees. charles: i would rather know how well a fund is diversified, how well the manager has done. paying low fees and a mediocre

fund gives the mediocre returns. while the fees are important, unless it is a hedge fund. there are so many out there. hedge funds charging 2% to manage it, 20% of profits. underperforming the market huge, big time this year like 5 million miles for people who have given money to hedge funds have gotten a raw end of the deal. make sure you really differs a five. adam: don't miss liz claman's interview with david novak. ceo and chairman on "countdown to the closing bell." taking place today on the fox business network. lori: not sure about this, but flavored alcohol. you know that bottle. we have seen that on every restaurant table all over the place.

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[ male announcer get the spark business card from capital one. choose 2% cash back or double miles on every purchase, every d. what's in your wallet? i need your timesheets, larry! lori: breaking news. direct your attention to the big board where the dow is down enexcess of 100 points t was down 120. we got a better than expected adp jobs report. that is private sector payrolls. that has raised the fed taper talk to earlier than expects to december, if not earlier next year. earlier than some economist the are forecasting for next year. we want to go back to nicole petallides for more color from the new york stock exchange. hi, nicole. >> that's right, lori.

everybody is talking about fed taper talk and when will that actually occur. meantime we've been watching bond yields sneaking higher. right now the 10-year bond is 2.83%, right? as it gets closer to that 2.85 mark, traders watch that very carefully. meantime the stock market equities are selling off. right now the dow jones industrials are down 102 points, triple digits. not too far off session lows. only 30 names -- three names with up arrows. we may see the forth losing streak since september 20 fifth for the dow and s&p. >> thank you for that. adam: opec is standing pat. the oil cartel produces 40% of the world's crude oil, choosing to keep production levels at 30 million barrels per day, a level that has remain unchanged for two years but today's vote at its meeting in vienna conceals deep divisions over opec's future challenges according to our next guest.

matt smith is the author of daily distillation. kudos, to you, matt, you were on the program a few months ago. you said we have seen the oil reach its highs for the year. i think $107. it pulled back, trading around $97, $98 right now, 97.33. but this business with opec, we've had them producing this amount of oil for several months now with no change. will they, they cheat. will we see more oil coming on to the market driving oil prices down or will they get their act together and actually crimp supply??3 >> well, it is really going to depend, to be honest. we're hearing so many different mixed messages from them. we've seen a lot of supply come off-line from libya recently. that looks set to stay off-line despite what their oil minister is saying this week. then at the same time with iran, with the sanctions non-oil-related being lifted recently, you hear them getting

a little bit feisty saying they could bring more oil on market. they could produce up to 4 million barrels next year which is frankly rather ridiculous to be honest, adam. i think what we'll see is status quo happening in opec where you really have this case of whac-a-mole. one country producing more oil. one country going down but the reality is they will kick around this sort of 30 million barrel-a-day level. adam: but the country holding the cards here, isn't it saudi arabia? at the end of the day with iran perhaps coming back into opec, there is a jostling for control. it is either going to be iranians, saudis -- i know there is iraqi. what do you think, will it be the saudi? they are the largest producer. >> exactly. you have opec who is balancing item in the global oil market and saudi arabia who is the balances item of opec but reality is the naimi, the saudi oil minister said this week which is great i thought. forget about iran. they are not the real issue

here. it is really iraq because iraq's production could really ramp up. next year they're looking to hit 4 million barrels. in 2018 they will lower the output target to nine million barrels. by that time they will bring so much more supply to the market. it is really still yet, saudi is the lynchpin but also biggest concern is iraq, not iran. adam: could we see iraq and government there in attempt to generate cash because it needs cash so badly pump tons more oil that would exceed demand from china, asia, rest of the world and see the price actually go lower? saudi it is like $100 a barrel but somewhere around $90 a barrel? >> well you have this responsibility within these nations to keep their quotas in check. just because they need the oil price elevated to meet their revenues in their budgets. you have venezuelas and irans saying, yeah, let's produce as much as possible to get their revenues in, i think as iraq production comes more online and

as their responsibility within the cartel and within the oil market globally grows, they will realize that responsibility to keep that in check. adam: all right. matt smith, thank you very much for joining us. good to see you. hope to have you back. >> good deal. lori: a golden parachute the size of the big board? charlie gasparino is here with the exclusive detail on nyse ceo duncan neiderauer's pay package. adam: kicking through the glass sealing with four-inch heels. latest title role for modern family's sophia vergara as she rakes in endorsement deals. 31 million reasons to say yes. ♪ five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs.

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>> i'm cheryl casone with your fox business brief. microsoft has won european approval for its proposed acquisition of nokia's mobile phone business the software giant announced the $7.2 billion deal for nokia in september that includes right to the finnish company's patents as well as smartphone products. microsoft expects the deal to close in the first quarter of 2014. sales of newly-constructed homes jumped more than 25% in october from september. the commerce department report that is the highest level in four months with double-digit gains in all four regions across the country but mortgage applications slipped for the fifth straight week. mortgage bankers association index found that applications for both new mortgages and

refinancing telephone by 12.8% next week. the index is at its lowest level since early october. dow is down 97 points of the that sat latest from fox business, giving you the power to prosper.

adam: you think the golden parachute for nyse ceo, larry leibowitz, comedian jon stewart's big brother is big at 17 million bucks wait until you hear what company ceo duncan neiderauer will get if leaves. charlie gasparino here with the exclusive details. >> we should point it he is going to leave next year. he can collect this money, here is a tweak in this contract, he can collect this money anytime now because there is change in control. it is in his collect it. it is pretty lucrative we understand. we talked to people close at the exchange.

we looked at some of the documents to figure this out. he gets close to $30 million. what we don't know if he will take it now or take it next year but the money that is, that's a allotted to him as of now -- lori: take one lump sum. >> can take it right now. can take it right now. we should point out 13.6 million in cash. twice the cash size that larry got. larry leibowitz, number two, coo. 15.2 million in stock. critics of my reporting would say i'm lumping the stock in with the cash which is the actual gollen parachute. i don't know where the stock begins and ends. he accumulated stock over time. the stock went up, basically, based on the merger or purchase by intercontinental exchange. he was given stock awards earlier this year. if that is part of the golden parachute or not i don't know where it ends or begins. i will lay out the facts. we should point out again he was expected to leave last year. this is twice as much as what larry is getting.

interesting we get the stories all the time. is it a bad thing if jon stewart was doing a story about his brother and his brother's work, he and matt taibbi and guys look how the greedy fat cats getting. they created value. the stock is down today but the stock went up with the merger. they created value. people create value deserve to cash out at the end. i think that is what they're doing. it is a pretty rich pay package. adam: you know the players involved in all this. why doesn't he fulfill, stay throughout next year? why not leave now? >> i mean i don't know. there was lots of speculation he would leave earlier. he is denied it, denied it, denied it, denied it. adam: that is whole new change of culture coming in. they're cutting employees. >> they haven't began that yet. we don't know how deep it would be. adam: you were saying 30% when you broke the story. >> jeff sprecher, ceo for new york stock exchange, taking

over duncan who will be president until leaves, talking to analysts they will make deep cuts, something in that realm which would a lot of body was go as well. adam: yes. >> duncan wants to see some smooth transition. he just doesn't want to hand the guy it and just let it go. he has some tread tested -- vested interest in the place. duncan neiderauer i have known for a long time. he is a competent, decent guy. lori: talk about neared hauer's, saw it overfinancial crisis? yes he did. former goldman guy. former goldman markets guy. came in when john thain took over after sort of ouster of dick grasso following his pay package, thain came in. it was essentially duncan and thain and i guess a few other people, amy butte, used to be the cfo, a lot of people, brought the stocks exchanges public, changed it from a club to what it is now which is a public company.

through the transition thain left to be head of merrill lynch for very short time. took job in november of 2007 after stan o'neal, that was beginning of financial crisis or when it was starting to impact. lori: decorated his office. adam: bingo. >> that was the story i broke. and he, obviously thain didn't last at merrill. he was, essentially forced to sell to bank of america. and during through the financial crisis in 2008 and duncan was running the show at that point of the threw all that the duncan had a key decision to make. do we remain independent? this is the new york stock exchange. it is one of the greatest brand of all time. dick grasso helped build that brand. or, based on sort of market factors out there, including the sort of, the equity business where they make their money, doesn't pay that much money anymore. lori: that is thought, icon of american capitalism right there. >> by the way if you go inside look at shots, there is not lot of there. adam: trading is really taking place -- >> more reporters than there are, it's a big studio right now. lori: right. >> that decline in the business of equities trading, the money

that is being made there, essentially duncan came to the conclusion, i guess earlier in the year that because of that we have to sell and they tried to do a deal with deutch bores. didn't work out because of regulators and sold to the ice. that is his legacy. i think it's a good legacy. adam: managed to do in office that wasn't redecorated for 1.3 million. >> i've been to his office. it's a very nice office but i don't think anywhere near the way -- john thain -- adam: charlie gasparino. thank you. lori: not even a decorator but cleaning service. >> by the way i do not have a 1400-dollar parchment paper wastebasket. adam: could use a wastebasket for piles of paper in your office. lori: you need a dumpster. >> or, or, or a 35,000-dollar commode. adam: thanks very much, charlie gasparino. lori: we have to sigh what is going on with the markets. although we turned lower, safely lower. mark newton from the new york stock exchange. adp report was good especially

before government data on the end of the week. are we selling on taper may happen sooner than later? what is your take, mark? >> interest rates have begun to spike violently higher last couple days. lori: that's what we said. >> 30-year is pressing near 4%. look at two and 10 spread that has broken out to new highs. some of that is fed related. i would mention yellen in her testimony and speech back on march the 4th not to put too much emphasis on adp revisions. they send to be exaggerated, susceptible to big swings. that is not as important but that obviously heightens expectations for friday's non-farm payrolls that that could come in higher that would be obviously a bullish economic point to lead people think we could taper. for now, equities are down four out of last five days, began late in november on the 29th. the selling isn't necessarily new today. we're starting to see acceleration in the last couple hours. lori: late in the fourth quarter, with a fantastic, phenomenal year for the equities market.

i'm sure that is playing in. mark newton, thanks. >> thanks. adam: forbes released a list of high post paid tv stars. second year in a road sofia vergara of "modern family" fame tops the list. makes $175,000 per episode. ly lucrative endorsements for pepsi and cover girl, earned $36 million last year. that is head of ashton kutcher who was second earning 24. rounding out the top five best paid tv stars behind vergara and kutcher, john crier, mark harmon. ray romano. lori: talk about adding value. would love to see where the salaries come from. back from the dead, "newsweek" revving up the printing presses even as another magazine staple falls by the wayside. adam: adding a spicy twist to your adult beverages. why one popular condement is jumping to the liquor aisle. ♪

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adam: yes, another icon of magazines has gotten back just as vennable name you thought had died is mounting a comeback in print. like horse buggies. horse whips. dennis kneale with all the news fit to print. dennis? >> "newsweek" back from the dead. venerable "newsweek" went out of print late last year. clinging to the online existence in the belly of "the daily beast". the beast is knew a small buyer. "newsweek" says run the presses it will be a print version next year, a shadow of a it former self, 64 pages. gets more money from subscribers

than advertisers. with startling circulation of only 100,000. that is basically a small local newspaper for once venerated national magazine that peeked at 3 in.3 million subs in 1991. -- 3.3 million subs. iconic "new york" magazine, invented new journalism in the 1970s, spawned superstar writers as tom wolff. cutting back from weekly to biweekly next march despite winning magazine of the year from magazine publishers association. which got to make you wonder then about another classy revered magazine, new yorker. incredible amount of content every single week. i love the magazine. never finish it. how long can it keep coming out every week? you have to wonder, adam. adam: as long as they have money to keep publishing. >> cutting back does save but sad, sad stained to an ink stained wretch. lori: as you are. >> as i am indeed. adam: thank you, wretch. lori: mr. wretch i think he prefers. anyway good news for bloody mary

fans. phillips distilling company craft ad vodka. this new vodka is made with blend of chili peppers, garlic and vegetables. are we in a cooking channel. adam: no this is a bloody mary. lori: after a california judge halted plant produces the hot sauce. because it is causing a smell local residents near the plant have complained about. >> making hot sauce. how long, only now a judge intervenes. bunch after whippers, neighbors. adam: free pub list ity. >> don't like. >> it the vodka producer said the product is great in bloody maries and light beer and the town is more than happy to have them. adam: you were saying your daughter puts it on everything. >> not the vodka, not old enough to drink it. exactly, dennis. thank you. are you worried about your retirement funds in the wake of illinois cutting state pensions. your tweets and an expert guest

coming right up as tracy byrnes and ashley webster take you through the next hour on fox business. hi honey, did you get e toaster cozy?

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well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. i'd like that. ally bank. your money needs an ally. tracy: good afternoon, i'm tracy byrnes. well pensions in peril. illinois about to cut state pensions. does that make you worry about your own retirement funds? your tweets and our expert guests are coming right up. tracy: home sales through the roof? purchases of new homes in october soaring by the most in 30 years but we have an analyst that warns you should not be fooled by that. ashley: commuting get as little more taxing. the amount of workers can put transit costs cut in half by congress. at least those with the train. that is outrage. tracy: because they have drive evers? in tech minute we'll review lg's curved glass phone which is about to hit the store shelves.

ashley: the dow has been down over 100 points for a long time but as you can see, desperately trying to make a comeback, down 99 points or there abouts. the market has been under a little bit of selling pressure these last several days. get breaking news on the fed beige book. peter baron's with the details. peteer? >> hey, ashley and tracy, the beige book for november says the economy continued to expand ad a modest to moderate pace from mid-october through mid insofar as november and the report does not appear to tee up tapering of bond purchases cuttings back on quantitative easing in next two weeks when the report will be used by policymakers. this reports e has the same language on the economy and job creation as the last meetings on beige book in october when the fed also did not taper as you recall. the report says hiring showed a quote, modest increase or was unchanged in early october to mid-november with philadelphia,

richmond, st. louis, minneapolis, and dallas, those districts showing increases on the other seven fed districts largely unchanged in job creation, but, contacts in many districts say, told fed officials that they were concerned about future cost increases attributable to the affordable care act, obamacare and other types of federal regulations. and on consumer spending which the fed is always watching as well, the report says it increased in almost all districts at a modest to moderate pace. to ashley around tracy. ashley: peter, look, the president also speaking about an hour ago. he is going in front of the camera a lot these days. talking about the economy. what is his read on things? >> well he didn't give us any kind of economic report card. this was a speech largely on economic inequality. it was about economic mobility. the ability of people to move up in income classes with better jobs and better training, et cetera. and it was, mainly to support

the president's agenda items, including obamacare but also his education initiatives and other measures. back to you. ashley: peter barnes, thank you so much. >> you bet. tracy: let's get a quick reaction on these markets after that news peter just brought us. nicole petallides on floor of the new york stock exchange. little bit of movement. >> yeah a little bit of movement up off the lows. keeping close eye on 10-year bond. 2.84% on the 10-year and that is very key. all to the downside coming off the lows of the day. tracy and ashley, lowest point on the dow was 15,791. we're now 15,825. you have seen some improvement. that being said the financials were trying to give it a go. the financials have been extremely weak lately these last few days. we saw them in the green earlier today. however we're watching them go back and forth. moment ago banking index is lower. now it is higher. that is something, you see us come off the lows after the beige book report. there is look at financials, jpmorgan, bank of america,

goldman sachs are squeezing into the green. they have moves of .1 of 1%. morgan stanley and wells fargo are not participated that being said, the vix, fear index looking like it has an up arrow once again. it pulled back a little bit. but now looks like it will in fact be seven days in a row of up arrows. we haven't seen that since april of 2012. which means we're going to see volatility or likely to see volatility particularly on friday for the jobs report. back to you. ashley: that is exactly -- nicole, thank you so much. we'll be back to you in about 15 minutes. illinois governor pat quinn declaring, we have won as the state legislature passes an overhaul of the pension system but his critics call it a small bandage on an open wound. more importantly does it make you worried about your retirement funds? you can tweet us and your answers will be on the bottom of the screen. for his take, bring in brian battle, performance trust capital partners. brian, thanks for joining us. is this a slippery slope or illinois just that bad with its

finances? >> well, let's be careful. whole muni market is, $3.74 trillion in size and there are 60,000 different issuers across the united states. so you're right, ashley, illinois is particularly bad with all the actors in the muni market. we did pass a pension plan yesterday. the short answer is, it is better than nothing since what we've done since 2010 when the state started to get downgraded. political action, that is what we got downgraded for, political inaction. we've done something, will stop the bleeding but not a full solution. tracy: let's talk about the fact it is not a full solution because you even mentioned the fact that four owe one confidents might not be the answer here. we're -- 401(k)s might not be the answer. no bill, no plans, no votes, no basic law change to your point. >> right. tracy: so now what? >> tracy, that's great. what is going to happen, there are two stories, there is a political story and economic

story. in illinois, the legislature, general assembly of senate and governor are all democrats thise republican votes because republicans had to vote for it because they didn't want to obstruct pension reform. good news something is better than nothing. now the politically, we're in a stalemate. everyone will declare victory you heard the governor say it. we'll move on into the next political season. economically it's a little bit of a different answer. stopped thing killing us the most. illinois gave 3% automatic increase to all its retirees, automatic. not a cost of living increase. wasn't indexed. 3% automatic. that was been dim min ished, postponed and eliminated for a little while. makes a difference in acutarial assumptions when you don't have 3% compounding to infinity. we changed some of the retirement age there. is political challenge. public sector unions in illinois challenged it because they say their pensions can not be impaired or diminished under state constitution which is a good legal challenge. i don't think there is anything that will happen on the ground

until we get through that challenge in the court system here in the state of illinois. ashley: basically brian what happens here, retirees and i'm thinking detroit. they do absolutely nothing wrong but their city is completely mismanaged. they end up being ones who have to pay for it all. >> so that is the moral of this story. it is morally repugnant that you can drive a bus for the city of detroit for 25 years, do exactly what you're spoused to do. because city hall goofed off, your pension will get a haircut. here in illinois, what we have to do we've got to change the pension system to save it. we're not where detroit is. chicago isn't where detroit is but we've got to make the changes to make sure there is something left so we don't turn out about detroit. the story should be what about political management? taxpayers should pay attention. pension has a short fall, let's tax more. if you're retiree. if the pension plan has a short fall, you have to say i don't want a haircut. both sides have to come together. not union versus public sector

or i'm sorry, not unions versus private sector. hey, you guys are in chargings are you addressing problem and what changes are you making to make sure it is sustainable over the long term because defined benefit plans might not be sustainable. tracy: why not actually? we do that here, right? everyone's relying on their 401(k) at the indof the day. if the government can't manage my money which we see it can not, why not let people take at least this part of the equation into their own hands? >> right. so the problem, so the public sector is about 80% defined benefit where you get a pension. tracy: right. >> private sector is almost opposite. tracy: right. >> doesn't work for two reasons. one there is always reflex not to fund it. illinois has a long history of making pension holidays. if the budget doesn't balance we don't make a payment to the pension plan. part of illinois's problem we're not funding. not just public employees are too greedy. the state didn't do its fair share. but the other answer is, acutarial. you can't work for 20 years and retire for 40 and get paid for that. in the old days he retired 62.

sat on the couch and died when you were 68. those days are gone. everyone is living until 80 or 90. acutarial assumptions of defined benefit plan don't hold up if you retired longer than you worked. ashley: sobering thoughts there. brian, thanks so much for joining us. we appreciate it. >> you're welcome. ashley: once again, keep it right here on the 2:00 p.m. hour of fox business. tomorrow we'll go one on one will know state treasurer dan rutherford. that should be very interesting indeed. tracy: he is right though. so many levels of mismanagement. ashley: oh gosh, yes. tracy: city, you name it, everyone screwed up. ashley: yep. tracy: your dow is climbing back a little bit. only down 77 points right now. new home sales showed the biggest monthly increase in more than three decades. we have a guest who says, hold on. he has some warnings about that. ashley: don't get too excited. meantime got to have it. toys based on the angry bird videogames, hot for christmas. we get to play with the toys. that is always fun and talk with a woman who took a gamble on

them coming up. >> commuter outrage. why is congress cutting tax breaks for bus and rail riders while allowing bigger breaks for drivers heading to work? i don't know because they have drivers. ashley: come on! so much for green policy. plus as we do at this time every day let's take a look how oil is trading. up again, today, over a percent. crude's four-day run is the longest string of gains by the way since mid-auguut, up to 97.20 a barrel. we'll be right back. [ male announcer ] here's a queson for you.

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metamucil. 3 amazing benefits in 1 super fiber. tracy: sales of new homes surged by 25% in october. that was the biggest monthly increase in more than three decades. our next guest says the headlines are a little misleading. joining us, john burns of john burns relate estate consulting. john, i'm glad you're here. a lot of people doing the happy dance with when he got the october number. >> i know. it was simultaneous release where they showed really low numbers, back to normal in october. hey, looks like a huge increase in october. that is not what happened. 144 new home sales is little

more than half after normal market. the market is not recovering. tracy: so what happened? was this like a little reaction to the dip in interest rates because they did go up during the summer right? then they dipped in the beginning of the fall. >> right. tracy: so was that what this was? >> well it was a combination of things. that's part of it. we saw sales slow in july and august and really fall off a lot in september. i think the september falloff was a hangover from rising mortgage rates but also due to the fiscal cliff discussion that is made everybody extremely nervous. and then the other part of this equation nobody's talking about is, the big homebuilders starting discounting about 10% of their communities in october, to start driving some sales because sales slowed. sales are up a little bit. now we're dropping in price to drive it. tracy: they're actually was a homebuilder survey that came out that said sentiment was not all that great among the homebuilders. >> no. tracy: so that all comes together to your point that, it ain't so rosy. what is the outlook then for

2014? >> the analogy is, well, we're going to wait and see. people are nervous. the, their nervousness is around another fiscal cliff debate in february which is right at the beginning of the spring selling season if congress kills confidence ight at beginning of spring selling season, we might have a lousy next year. so people, one of my clients put on a hiring freeze. another is talking about laying people off. it's not pretty. tracy: we also know that mortgage applications and refinancings are down as well. so there seems to be a lull. isn't this though somewhat typical for the winter? everyone is kind of focusing on the holidays. >> right. always november around december you're kind of wondering what is going to happen next spring. i would say art pa of this is a normal november-december turn around but headline was like, oh, my god, the housing market is roaring again. that is not what is going on. tracy: a lot of people are not talking about the impact of the new mortgage rules and how they will affect. you want to talk about those a little bit? >> yeah.

entry level buyer has not been part of this recovery and new mortgage rules are really going to hold back homeownership. i don't think people really understand that. the 43% debt-to-income cap that they're, you can get around a little bit with some fannie and freddie and fha programs you're not longer going to be able to put around. banks said because of put-back risk i will not use fha aggressive programs i used to be allowed to use. if the loan goes bad you will sue me i'm not going to do it. you will see entry level buyer have a tougher time qualifying. we have really good anecdotal information. the entry level buyer is really struggling and affluent buyer is doing well and recovery is driften bit affluent. not median income household. tracy: there are, i feel like there is lot more homes for sale these days. are they just on the higher end then? >> well, there's more homes for sale than there was before mortgage rates ran up. so that's part of it.

but there is only five months of supply on the market and historical average for new homes is six and existing homes is seven. >> yeah. >> not an oversupply problem. tracy: i guess i have seen a lot more supply lately. >> right. tracy: john burns, john burns real estate consulting. here is fact on john burns. avid baseball fan and been to home game of everyone of 31 major league teams. >> i travel a lot. tracy: bucket list things for baseball lover. ashley: true fan, as they say. quarter past the hour, nicole petallides down on new york stock exchange floor. stocks still lower, but you know what? could be whole lot -- they're bouncing back after the beige book. maybe that is it, nicole. >> after the beige book, what a difference. look how we're coming up off the earlier lows of the day. we had been down triple digits. what is interesting the vix is still higher. there are still jitters hear ahead of jobs report on friday. continuing to watch the 10-year bond because that's what traders are doing, all right?

look at apparel retailer express. express came out with a tough forecast. they're basically saying, there are tough times that lie ahead for this holiday season. this stock is down 22.5%. i wonder if they wish they hadn't said anything at all? meantime what they are saying this was expected to be a promotional season. it is going to be even more of a preemotional season than they even thought. despite the fact that this particular story year-over-year, thanksgiving shopping season did better, we saw the national retail federation say sales were down 3% overall for all the retailers that is actually better than the prior year however they see a lot of promotions. you know what happens. when you have a lot of promotions you're not getting margins. money is not coming in as well. back to you. tracy: that's for sure. thanks, nicole, see you in a bit. what is going on with apple? what are they up to? the company is on a big buying spree to pick up everything from

3-d technology and. lizzie mack will have the story. ashley: the train engineer says he was zoned out before the fatal suburban train crash in in new york. we'll have the latest update in your fox news minute.

>> at 21 minutes past the hour i'm arthel neville with your fox news minute. the head of the federal railroad administration says officials have serious concerns about metro-north railroad following sunday's deadly derailment and three other recent accidents in new york and connecticut. the engineer told investigators, he quote, zoned out shortly before the crash which killed four people and injured more than 60 others. recordings of 911 calls made from last year's newtown, connecticut school shooting, show town dispatchers calmly responding to a janitor, teacher and others. the operators urged people inside sandy hook elementary school to seek cover as they seek help from town officials and state police. 20 children and six educators died in the mass shooting. we switch to a lighter note. how about a presidential touch for your christmas tree this year? george w. bush presidential center is selling an ornament

features a painting of a cardinal by the former president. it goes towards the center and charities it supports. those are the headlines on the fox business network. get you back to ashley and tracy. ashley: we were talking about christmas trees. tracy: very cool. ashley: thank you very much. >> you're welcome. ashley: tech buying over a dozen tech companies this year so what is up with apple? what does it do for their stock? liz macdonald has been all over the story. >> 15 acquisition this is so interesting. will apple see $700 a share as morgan stanley was talking about? stock was up around those levels last year? that is the deal. will apple get its device, ipads and iphones ramped up by the act with sir, meaning more people buy and the stock is up? that seems to be a name of the game. when you see what apple is acquiring, would you, take a look. mapping companies that track your location anywhere. mass transit, global mass transit device systems.

tech companies that make chips that basically compress data. software companies that compress data. 3-d sensors for, companies that make 3-d sensors for ipads and iphones. companies that boost up the devices to make them more like a personal assistance. really interesting. apple is pointing the way. ashley: might as well, looking at greece for crying out loud. >> that's true. it will, the key is, for investors, we're looking at 564 for apple. will we see the $700 levels again? i'll tell you something, what tim cook is doing is really interesting. not just buying topsy, tracking twitter feed and twitter conversations to analyze that. he is also focusing sharply on siri, on ipad, iphones and making those devices better and more user-friendly. tracy: does he get validation for saying hey, i will not start giving cash back to shareholders? >> yes. tracy: there was push for special dividend. >> from carl icahn.

tracy: does he seem a little vindicated? >> he might. in defense, as these acquisition play out, looks like small bore acquisition but real live sharply focused and integrated. when you look at 30,000-foot broodsome perspective on acquisitions would you you can see what he is thinking when he knit it all together who he is targeting and what company he is buying. ashley: do we get new products down road? everyone gets excited about that. >> this is interesting, siri app or a device that hooks to your car dashboard, still waiting on that. the device hooks to the dashboard tells you about restaurants from your dashboard and places to go, better mapping systems for your dashboard in your car. we're hearing that. not sure if that will pan out. tracking this developing story. ashley: fascinating. emac, thank you very much. appreciate night sure. tracy: we're talking about commuting getting more taxing. come on, now. the amount workers can stash away for pretax, transit costs

cut in half by congress. we have outrage on that coming up. ashley: for train and bus riders but maybe not for motorists. it is an outrage. lg flexing its muscle and screen on its latest phone. a sneak-peek ahead in tech minute. tracy: gotta have it. hit tv shows and videogames, executive vice president of commonwealth toy and novelty is here. so cool. the dow is down 72 points. 70 points i should say. it is climbing back. we'll be right back. [ bagpipes and drums playing over ]

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>> look at your dow 30, a lot more red and green but look at microsoft, up top, 252 week high after the european union antitrust regulators approved $7.3 billion acquisition of nokia's mobile device business without condition and. having a good day on that news. nicole petallides on the floor of the stock exchange watching seers. nicole: some redeeming their holdings to a certain extent. look at shares and i will tell you what is going on with a company, stock is down 8%, this is a winner this year over 20% and you have billionaire eddie lambert's hedge fund distributing seven million shares of the u.s. retailer in the fund. now its affiliates had to stake

a 48% as of dec. second. that is down from 55% so you do see that they did say the fund started when i told you which is limited partners elected to redeem their interest in 2013. we will see what happens from here on out but the stock is reacting negaaivey. ashley: taking public transportation to work is about to get more taxing. right now train and bus riders and motorists can get $245 a month in tax breaks but come january public transit riders will see that number cut in half, drivers will get a bigger tax break. dan smith, tax advocate for public interest research group joins us with his beach. joining along with my be. let's get this straight. commuters lose substantial slice of their tax break but motorists

are regarded or won't be getting even more. >> exactly right. come january 1st if congress doesn't act, three million people who take public transit to work every day suddenly will see the cost of their trip become more expensive and this doesn't make any sense. it is unfair for people that take public transit to work and it also distorts consumer choices in the worst way possible by using tax code to buy incentive for driving and that means more oil consumption, more people sitting in traffic and more air pollution. ashley: this administration is supposed to be green friendly, if you like, should be friends of the environment, this doesn't make sense to me. >> doesn't at all. last thing we should be doing with our tax code is penalizing

people who are taking public transit that provides a cleaner form of transportation and providing an incentive for more people to drive to work and there is a solution in congress, there is the bipartisan piece of legislation that will solve this problem. it doesn't have a lot of opposition, wouldn't add a dime to the deficit and congress should waste no time in enacting get. ashley: the problem is congress is embroiled in these budget battles that get pushed back two or three month. could this get lost in the shuffle as they deal with a bigger budget? >> we are hopeful that because this has such strong public support it has bipartisan support which is increasingly rare these days. we are hopeful that congress will take it up but it could get lost in the shuffle. ashley: this is a huge hit economy, any numbers over the

last year 700,000 yorker's saved $330 million for this benefit. if they lose, that is money taken out of people's pockets and that has to hurt the economy. >> exactly right. this benefit is also good for businesses. people take transit to work save their employers through this tax benefit $300 million in 2010 alone. and letting just the transit portion of this benefit be cut in half, creates an unlevel playing field. if you are a business where a large number of your employees takes public transit to work you are at a disadvantage. ashley: january 1st attack greg go the way. will believe they will get to it. thanks for joining us. cheryl: oil closing higher for the fourth day. $97.20 a barrel, that is up

$1.16 and this is after crude supplies declined for the first time in eleven weeks. and members of opec trying to keep oil prices steady and high. they agreed to keep their current production target at thirty million barrels a day even as libya, iran and iraq planned to increase exports in coming months. time for your tech minute. you think it is fancy? two cited phone, $600 device on one side and a black and white e. reeder on the other. the two cited phone allows you to use data in real time without having to wake of their phones and drain the battery. the phone will be available immediately in russia, germany,

france, austria and spain. in the middle east and in the u.k. get it on their hands now. from two cited funds to curve phones, smart phone will be available for pre order in korea. five days later the phone goes on sale in hong kong and europe will be the next to get the phone after that, sometime next year. a six in smart phone can bend with or without a case on the device. the phone was tested and could stand 88 pounds of pressure, defeated 100 times without deforming. could you do that every day in the course of normal business? the web, driving cars, now got to do this, in the last six months google has acquired seven tech companies in an effort to create a new generation of robots. companies have been focused on a humanoid robots, robotics are at the heart of google's long-term big deal moonshot program, figures on the amount of capital

investment in the robot project, it is likely not for consumers but rather for manufacturing. shares of google up 50% in the last year. look at that. well over a thousand dollars a share, craziness. ashley: a share in the stock of christmas would not be so bad. tool is based on the angry bird video games are hot for christmas. we get to play with the toys and talk to the women behind them coming next. tracy: more stores in new york city. it is a great question, we have the answer coming up. ashley: listen to the ten year treasury, talking about it earlier a six basis points at 2.8%. we will be right back by the same amount. it's what you love about her. but your erectile dysfunction -

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lori: i am lori rothman. some say you can't go through the city without running into stocks. more likely to find duncan donuts. the largest national chain, walgreen's, drugstore, 283 new york city locations. bolognese any shares down 4%.

the troubled retailer closed up 4% after announcing a 10% increase in november same-store sales but analysts thought the sales jump would be bigger. all the ad times at the superbowl sold lot already, a $4 million for a 30 seconds spot. that is up 5% from last year. fox began broadcasting the game for the fox business network. that is the latest from the fox business network creating the power to prosper.

ashley: parent rested a half holiday gift, many realize there's no must have pulled. to go meal and a world of video games and phone apps, how did traditional toymakers, the executive director or executive vice president of commonwealth cool and novelty joins us now

for her got to have its seas. we were talking with her in the greenroom before. lots of interesting aspects to how your company manage to finally get to this point. and angry birds was a role of the dice. you with the first to think we could get the licensing rights, this is created. >> we started with angry birds, seven million downloads and three years later two billion downloads, all world lybrand ended is unusual to have something that appeals to children of all ages with you and 2, 20, 18, 40, in the uso of overseas. ashley: you said we would like to make toys based on your game and they said -- >> great. we will design that. was an amazing relationship van, a phenomenal relationship now. the greatest partner one could ask for. tracy: you like licensing agreements with whatever the new

hot, krugerrand is. you started with a plush toy company. >> yes but as a lot of people know basic questions all a lot of different things. care bears, so many great -- ashley: can address to ted, sitting over there -- he is whispering. >> same thing you can't listen to on tv. >> even our cleanest version, you probably push him in a lot of trouble but he is a hot seller. year-and-a-half after this movie broke, we still truly can and making the product in the marketplace. ashley: you are trying to anticipate, it takes 29 months to get a product to the market so you have to anticipate what is hot because what hot is now

on won't behalf in nine months. >> the is the difficulty we face. we focus on a hot toy for christmas. it is part. i am holding on to duck a dynasty. >> there are no rules. >> you in new it was still going to be a round, and -- >> this the brand itself is incredibly hot. the show has broken everything. making a lot of credit products. arabesques in the line which we produce and we are not producing any more is at walmart now, $24.99 product, great item for christmas. said picking grit and music, and we go in and out, we only make -- walmart is finished.

>> despite the electronics and fancy gadgets, kids still again adults still like plush toys. >> they really do. it is amazing, people like to have it on their bed, in their bed. you can stop touching. you, red and holding it. but not all -- you're angry birds, not everything works. not everything translates into a plush toy. might not translate so well. >> you can make a toll and we go to the next week, a little bit like this that you are beautiful. >> what do you say? i am a jersey girl too. duck dynasty, go get it in

walmart. >> this is in walmart. >> that is fantastic. think you for joining us. >> you need more got to have it items, and we have a great week, keep it here on fox business. we will talk to john barber, leapfrog ceo. we have everything from kids to adults. tracy: more toys. it is quarter till, time for stocks. we are down to the floor of the stock exchange. mark, markets can back after we got news from pc but is that the big movement? what is moving the market? >> you see weakness across the board and a lot of sectors industrial and energy, telecom,

financials have not turned down today. indices will be down the last five days, first-time since september. we have not seen a lot of weakness in general but it is back on the front burner after adp revisions of his scooped and generally it has gotten -- they have blown up since the beginning of december, less extreme than in europe which is over 3.5 costanza you can't blame the selling today so it has been ongoing over the last week. tracy: lot of that, a lot of you guys are closing the bookshelf, taking money and running. >> a lot of people are elected to do much before year end and it will be a bullish time so people are shocked to see a downdraft here but volume is very light, we haven't violated key levels of things we will have a big sell-off.

interesting to note that the stocks hitting new 52 week lows expanded to the highest level since august, a warning sign and a big support over 20% last seven trading sessions. there are signs of implied volatility creeping up here as a result of this decline but it is more frustration and it is not much selling whatsoever, more a drying up or buying. >> a son of what could happen months from now. that is something. thanks for all that. ashley: you and not going to let it go. tracy: before we go to break. tracy: we may have 99 problems, we are going to tell you what the holiday collection is a big success and not because of him. ashley: look at winners and losers on the nasdaq as we go to break.

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tracy: martin bashir of msn b.c. resigned, and dennis kneale is here with this story. dennis: there was a big outcry when he said ugly things about sarah palin, people were saying what is going to happen? ms nbc find alec baldwin when needed an anti-gay epithets, paula dean, we destroyed her

career for using the n word 25 years ago basalt verbally, conservative politician who ran for vice president if you get away with it and bashir had apologized and he went on vacation but then he comes out just with this statement, after asking for permission to take additional time out around thanksgiving, upon further reflection after meeting with the president of ennis nbc contended maris resignation it is nice sincere hope that all of my colleagues at a special network will be allowed to focus on issues that matter without the distraction, will judge comments. praising the audience. understand after the alec baldwin flopped basis than him for only two weeks never mind the we destroyed other people for other words and they canceled its shell after a month on the because it wasn't doing well and alec baldwin was the scene. ashley: the nature of what he said. he was a respected journalist, a

very highbrow show in the u.k. and, with nightline. i found it surprising what he said. he couldn't get out of it with an apology and this was on the books. >> the surprise was it took this long for everything to unfold because the reaction on the paula dean case that she used the n word 25 years ago the reaction was instant and annapolis avalanche but bashir around, apologize reluctantly ended his nbc didn't do anything to suspend him the way it had done with alec baldwin. tracy: you have to question what was management thinking letting it go this long. what was he thinking? >> he invoked imagery from the novel that led to the movie 12 years as a slave, discussing stuffy said but he has fallen on his don't soared. ashley: the ever get a response from senator and the sarah

palin? >> apologize and i forgive him but she referred to this idea of differing standards on the word game. tracy: no one knows better than people on tv that you can't take your words back. neil: the state of mind, jasey's holiday collection is selling fast, the first time to fly out shelves, $200,250 jacket, $1,600 backpack. every kid needs one of those and a ski mask that costs just $695. j.d. insists he will make no money from the collaboration with 100% of the proceeds going to his john carter foundation. this after tremendous pressure for him to back out of the collaboration following racial profiling allegations against them. these are not cheap items. >> his wife was modeling some of them which is why they are

selling. ashley: coming up and "countdown to the closing bell," of citigroup's most influential minds, brought his board members on strategy and ahead against risk, he will be here in moments answering questions on everything from the greatest risks in 2014 to the volcker rule, fox business exclusive. don't go away.

liz: i am liz claman, is the last dollar of trading. and the sounds boring and market reaction usually is but the fed beige book is bright and the colors of the market. actually helping to turn in a

sector closer to green. this is the better reserve snapshot of business conditions and the report indicate the and the economy and manufacturing continued to expand at a, quote, modest to moderate pace. the most upbeat news, manufacturers whose managers say she expanding and russian positive about the near-term future helps stem earlier losses in the market which ironically also cash in after good news from a private employment report, the automatic data processing report in. this is what it showed on your screen. private sector hiring in november, and and 215,000 jobs versus the expected 178,000 green, costing investors to fear the events of the fed's keeper coming sooner rather than later. you can see this picture, for direction the dow jones industrials have crossed the unchanged level 34 times. when you see we